USUALLY ASKED QUESTIONS
What is required in order to collect a debt?
Successful debt collection depends on a number of factors, ie the age of the debt; the service you performed; your authority (be it verbal/written); the financial state of your debtor; whether the debtor is an individual or a corporation – to name but a few. We will assess the information and advise you as to our opinion as to whether the debt is collectable. We don’t want to wast our time either!
How long does debt recovery take?
Once we accept the recovery assignment, we move swiftly into action. Our modus operandi is never fully disclosed, but we can tell you that an experienced field agent is consigned the case. Rule of thumb, we generally work on a time period of 3 weeks to recover the debt. What you can be certain of – WE WILL BE WASTING NO TIME!
Are there any upfront court costs?
We prefer to avoid the courts and, therefore, court costs are never a prerequisite of FIDC. Our intention is to collect the debt by reasoning with your debtor. If the debtor is reluctant to resolve the matter in a set period of time, we may then recommend court action. In such case, we would advise as to the court costs without any commitment or obligation on your part.
What if the debtor disappears?
We can perform skip searches if the debtor disappears. We are members of numerous national databases (not available to the public) that we can lodge an ALERT on the debtor’s name in order to receive information as to their whereabouts. No matter where in the world they go these day – we can track them down.
Are there fee variances and additional charges?
The commission is clearly agreed between us (per the Submission form) and it DOES NOT VARY. If company or real estate holding searches are required we would bring this to your attention before any commencement. There are NO HIDDEN FEES OR CHARGES AT ALL. THE AGREED COMMISSION % APPLIES TO WHATEVER IS ACTUALLY RECOVERED (- not on whatever we might have tried to collect – but were unable to for whatever reason).
What if the debtor suggests a payment arrangement?
A payment arrangement is sometimes an only option for the debtor in financial difficulties. In such a case, we monitor the payments. The payments are receipted to our trust account and the funds disbursed at month-end (less the commission) direct to your bank account. A statement and tax invoice is dispatched to you contemporaneously by email.
If I was to proceed to court, in which court would it be heard?
Under $75,000 is heard in the Magistrates Court. There are two types of claims in the Magistrates Court (1) a Minor Case Claim to $10,000; and (2) a General Procedure Claim $10,000-$75,000. Both are service by summons.
Claims $75,000 to $250,000 are service by writ and are heard in the District Court. Claims over $250,000 are service by a writ and are heard in the Supreme Court
First International Debt Collection